The global high performance wheels market size is expected to hit around US$ 19.23 Bn by 2026, growing at a CAGR of around 4.9% over the forecast period 2019 to 2026.
High performance wheels is manufactured or produced from alloy material such as aluminum, steel, magnesium, carbon fiber and combination of these materials. The high performance wheels are light in weight, corrosion resistant, and improve aesthetic appeal of the vehicle and improve vehicle dynamics. High performance wheels offer reduced vibrations, superior acceleration, increases durability, and high braking.
Market Dynamics
The growth of the high performance wheels market is primarily driven by growing number of vehicle sales,stringent government regulations regarding safety features in vehicles, technological advancements in high performance wheels, and consumer preference towards enhancing aesthetic appeal to vehicle. Furthermore, government regulations in automotive industry due to safety boosted the automotive OEMs and aftermarket players to provide safe and economical high performance wheels and consumer focus towards noise cancellation and comfortable seating is estimated to boost the market growth. Moreover, changing lifestyles of consumers across developed countries, growing automotive aftermarket industry, technological advancement and increase in the number of applications, growing demand for weight reduction in vehicles are expected to create opportunities for the manufacturers in the global market over the forecast period. However, volatile prices of raw material and high initial set up costs are expected to hamper the growth of the global high performance wheels market in the coming years.
By application, premium compact segment dominated the high performance wheels market
The premium compact segment accounted for approximately 42% of the share in the global high performance wheels market in 2018. Growing demand for luxury vehicles and rapid industrialization and increase in production and sales of compact car in developing countries such as India, China, and Indonesia, and increase in purchasing power of consumers is further expected to raise segment over the forecast period. Owing to its growing consumer focus towards improving aesthetic appeal, rising focus towards improving comfort and rise quality, and growing investment by automotive OEMs for developing compact cars further grows the demand for premium compact segment during the forecast period.
By material, aluminum segment dominated the high performance wheels market
The aluminum segment accounted for approximately 27% of the share in the global high performance wheels market in 2018. Unique optical properties, major usage in high performance wheels due to its excellent mechanical properties and flexibility, high strength along with reduced weight, and exclusive design are some of the factors expected to increase the demand for aluminum segment over the forecast period.
The market research study on “High Performance wheels market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global high performance wheels market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global high performance wheels market, its vehicle type, material, and sales channel, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global high performance wheels market size and volume, and segment markets by vehicle type, material, sales channel, and geography along with the information on companies operating in the market. The high performance wheels market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia-Pacific dominated the regional market with a maximum market share
Asia-Pacific accounted for the high market share of the high performance wheels market and the region is also expected to maintain its dominance over the forecast period. The region is experiencing the maximum growth owing to the rapid consumption of high performance wheels in various vehicles, presence of high performance wheels companies, rapid growth in the automotive industry. Moreover, increasing demand for wheels for luxury vehicles from various countries of the region, such as China, India, and Thailand, growing manufacturing facilities due to low manufacturing costs and supportive government incentives, and expanding manufacturing base are also propelling the growth of high performance wheels in the Asia-Pacific region. Europe is followed by the Asia-Pacific region in the high performance wheels market.
North America is expected to hold the highest CAGR in the global market during the forecast period. The growing automobile production in the US and Canada and increase in innovation and development in high performance wheels, and growing automotive industry in Mexico, are expected to enhance the market growth in the global high performance wheels market during the forecast.
The players profiled in the report include Vossen Wheels, Wheel Pros., Enkei Wheels, CiTiCDicastal Wheel Manufacturing Co., Ltd., and HRE Performance Wheels, SuperAlloy Industrial Company Ltd., BBS Kraftfahrzeugtechnik AG.,Steel Strips Wheels Limited, American Eagle Wheels Corporation, Carbon Revolution, and Topy Industries Limited, among others. The companies are involved in mergers and acquisitions and new product development for expanding their market share and also for gaining competitive advantages over its competitors.
Market Segmentation
Market By Vehicle Type
- Premium Compact
- Entry-level Luxury
- Mid-Size Luxury
Market By Material
- Aluminum
- Steel
- Magnesium
- Carbon Fiber
- Others
Market By Sales Channel
Market By Geography
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
